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Report: #113640

Complaint Review: Provident Funding - Burlingame California

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  • Reported By: League City Texas
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  • Provident Funding 1633 Bayshore Hwy Ste 135 Burlingame, California U.S.A.

Provident Funding ripoff of client agreements, interest rates and commissions Burlingame California

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Provident is a wholesale lender who engages in shady practices by not honoring lock agreements, changing commissions, changing interest rates, as well as other unethical business practices.

-underwriters all quit with in 2 month period
-had ONE underwriter to service all of Houston
-had one underwriter doing administrative duties during busy time of month instead of underwriting files, causing delays in closing
-had problems with title company fundings and did not inform the broker, resulting in the "bust" of interest rate locks. Provident would then not honor the closing, require new docs to be signed at a higher interest rate
-sent Houston underwriter to help in Dallas overload leaving Houston short handed. In turn, would not send underwriter to Houston to help with behind files
-closer quit 6 months ago and never replaced the closer/50% man power shortage
-Administrative file audits at end of month-busiest time of month. Underwriting came to a stand still
-refuses to provide a color printer for underwriting staff to print off appraisals
-senior management does not respond to e-mails/calls-Shawn Poe quit due to the misgivings of the compaany

If a mortgage broker do not fall prey to the great pricing-does not matter how great the pricing is-if they can't close a loan then not only do you not make the money, it is a direct reflection on your business. Provident is negative barand equity!!!

League City, Texas

This report was posted on Ripoff Report on 10/19/2004 11:32 AM and is a permanent record located here: The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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